Yes! There were all those scare-charts of the “coming wave of rate resets” that were going to create a crisis. The rate resets never came, but the story was already written. It’s really amazing. 2008 was a mass confirmation bias event.
Bernanke caused the GFC, by restricting the truistic monetary base, or required reserves, for 29 contiguous months. The money stock was restricted for 48 months.
Powell has restricted the means-of-payment money stock for 21 months. If Powell continues with holding the money stock constant, house prices will show their greatest declines in just another couple of months (>3 months).
One of the 19 things that gets me is that all the predictions started with "once interest-rates rise". But they didn't rise. They fell.
Yes! There were all those scare-charts of the “coming wave of rate resets” that were going to create a crisis. The rate resets never came, but the story was already written. It’s really amazing. 2008 was a mass confirmation bias event.
You are brave to keep going on this topic. Any conversations I've had lead to people getting angry.
Bernanke caused the GFC, by restricting the truistic monetary base, or required reserves, for 29 contiguous months. The money stock was restricted for 48 months.
Powell has restricted the means-of-payment money stock for 21 months. If Powell continues with holding the money stock constant, house prices will show their greatest declines in just another couple of months (>3 months).